Setting Slower Pace Employment Rate, Construction Hold Lake Back

ECONOMIC INDEX

November 13, 1989|By Harry Straight of The Sentinel Staff

Lake County is expected to continue its slow growth pattern this month with declining employment and residential construction.

The county's overall growth index, measured by Central Florida Business' Economic Index, is expected to post a 1.1 percent gain to 144.95, compared with 142.42 in November 1988. The index uses January 1982 as a base of 100.

Employment, which posted large gains in 1988, began a decline in January and has since showed year-to-year increases only in April and May. In August, employment was down 2.83 percent to 51,818; in November, the number of workers is expected to drop 3.02 percent compared with the same month a year ago.

While employment may be declining, the number of residential electric meters is rising, an indication that population continues to increase but that most new residents are retired and not looking for jobs.

In August, the number of residential electric meters rose 5.28 percent to 52,512. For November, a 5.11 gain, to 54,152, is projected.

Housing has been erratic, with a 63.73 percent increase in residential construction in June, a 5.6 percent decline in July and an 18.4 percent gain in August.

In November, the county and its municipalities are expected to issue 143 residential permits, or 20.97 percent fewer than a year earlier.

Since January, Lake County has averaged 176 residential permits a month.

Tourism-tax collections are expected to continue recent year-to-year increases again this month, rising 10.6 percent to $25,947 compared with $23,461 in November 1988. In August, tourism-tax collections rose 14.87 percent to $19,203 compared with $16,717 during the same month a year earlier. Collections had dropped 0.72 percent in July.

Gasoline sales this month are projected to increase 9.58 percent to 6,675,800 gallons.